President Vice Chairman Jim Press sure knows how to put a positive spin on bad news.
From the AP:
“Maybe some people have some worries about the longevity of the company,” he said. “Well, heck, now the president of the United States, the U.S. government, is not only going to back our warranties, they’re going to be an investor in forming our new company.”
I can’t imagine how funny that would sound in a car commercial. . .
Additionally, it appears that GM is not far away as the New York Times notes:
Fresh from pushing Chrysler into bankruptcy, President Obama and his economic team are hoping that the hard line they took last week gives them leverage to force huge changes in General Motors, a far larger and more complex company.
. . . in G.M.’s case, Mr. Obama will be forcing deeper cuts and becoming the controlling shareholder. He will also be overseeing the radical downsizing of G.M.’s work force as he is trying to reverse rising unemployment.
